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Below is an Interesting article I found, which says that.....Do not 1 G9 N$ z; Y1 k7 F: g; q
expect much from Crude Oil producers and future is not with the - }, J4 A F. `& i7 ?- ^) z
companies producing Jet fuels but Biofuels. Also no wonder if some of
; a& V/ d* q$ H$ Lthese oil producer will go bankrupt or out of the business even if
/ r5 V, p1 N E( Y' f- Q S& o8 \crude prices improves. This implies also to good names such as Shell,
$ m9 Y k' b% C @% C S5 ^EXXON, BG, BP, Cheveron ....xyz.. oils 8 Y) q8 p& P/ S! U
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Recently OPEC reduced crude oil production twice over just a few
9 g4 { M& e/ C* m tmonths. There are three wars going on in Gaza, Iraq and Afghandistan.
9 J4 k& H* z8 H; K6 @A year ago these things would have spiked the price of crude oil by at
2 Y" e; a4 `& T+ fleast $50.00 per barrel. Today, oil price declined by a record amount. # K; z, L7 v& y. _! v" F* [
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There are several reasons the price of oil is decreasing in the face : N8 n9 |" n* }; f- d e6 t
of so much news. These reasons are:
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$ ~; M6 z- `+ W! a. `: a0 L1. New oil has been found in Canada, Montana, North & South Dakota and
* }+ ]# A; ~' Pin the ocean near Brazil. Each of these oil fields has more oil than 7 n, |) p ^/ H( @
Arabia.
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: g$ C L, x m3 E. X& ?2. New natural gas has been found in Pennsylvania and West Virginia.
, v" G7 c$ a2 ^- V2 c6 }This is the largest find in North America.
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3. New methods of injecting CO2 and surfactants into oil wells is
0 k* f+ U( Y6 F; G2 }) gbeing used to double their output.
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4. Production of bio-fuels is beginning to reach critical mass. Bio 7 x' x% }+ S" a7 F r( i
fuel is being produced from many plants and algae. The production * g& G: }4 v0 u1 ^( ]
potential per acre in some cases is astounding. Many countries are # l2 t5 `* p+ `* Z& p F) E& J: s* x
racing to produce bio fuels.
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5. Virtually every restaurant in the US and all food processing plants
( O7 m( f' B) K9 Mare now selling their used oil to bio-diesel producers. Every pork,
. G* @" F' }# Z q, P" _0 O5 ]0 `$ I* q. h9 Ccattle, turkey and chicken processing plant will soon sell their fat
0 S; E$ O; j) |, c; c2 C fto bio-diesel producers. One pork processing plant in Oklahoma is
* D/ M6 v* G* Q2 V0 Hproducing 30,000 gallons of bio-diesel per day from pork fat.
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# j6 g+ b0 W" O* R1 }2 @6. There are 99 nuclear reactors in various stages of planning and 8 C2 b% p; C" J0 ~. {1 C* m$ w# v* \. }
construction around the world at this time. Several hundred more are
3 k3 t! M2 u1 g Q2 d# rexpected to be built in the future. Much of the energy they produce
1 t6 M- x2 c( Y. b; D' y0 ewill replace oil.
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7. Every company in any form of transportaion business is replacing ! x/ n6 [# o4 _' `
older equipment such as trucks, airplanes, train engines, ships, etc.
/ z) W; E5 S+ p9 m4 gwith new more fuel efficient equipment. Airlines and railway companies
' U0 y& q" U4 m5 Y/ |are experiencing 20% to 25% better fuel econony with the new
" t$ a. L7 I" V; e: bequipment. 6 T7 x5 ?( K) V4 ~
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Airlines are flying airplanes with bio-fuel. They are finding the bio- $ ^! g; W$ a4 ]9 X L
fuel is cleaner and performs better than jet fuel. 2 p' `8 Q) U. u6 }" z# _6 \+ I! Y
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1 b% h# P+ |& X' A$ p0 S8. Cities and counties throughout the US are selling the rights to / C- Z2 ?, m0 g4 c
capture methane gas from landfills. This is a huge source of gas
$ ^- c# @0 w; S. T8 Q1 x% Kavailable at very little cost or risk. The gas is displacing crude
( e' @( t: `$ e/ G/ ^oil. $ Z! ` C% N; t
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" l: F7 P& v, ~3 N! ~9. Coal is being transformed into a clean burning liquid fuel. The CO2 " l( t! w. j. i- n& i5 D% T" Z( S
produced as a byproduct is sold to oil companies for injection into
6 E1 k3 E: J/ s( eoil wells. & o( p1 O. N8 g0 A8 D3 O
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b0 ^6 C$ q% j+ D) [10. Solar, wind and ocean energy is displacing oil as an energy : b; b# R' R: C* H/ a6 ?# r
source. Three new wind turbines are being erected every day in the US.
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Each of the above by itself will not make a large difference in the
! I4 I# Z S. y; I7 g/ `6 C/ mprice of crude oil but the sum of all of them together is world
8 ~9 Z* k& l- i. \! Zchanging. The important thing is that OPEC no longer has the ability
0 f, ~! [, D$ {( hto control oil prices. $ n2 D* B J+ [& }3 n c
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& B. R& K% {9 W2 J3 r! gWith the above scenario, I still believe that there are under
8 v X9 N8 L+ r( }3 c. B( x# f) Lperformed OIL companies and probably they are yet to get the justified
5 @7 }: m, t) z1 q8 N. `/ Q& g& Fvalue ..... " V& T, J l; ?' ~- a2 h: B
IAE- Ithaca , EPL Energy Partners Ltd, Opti etc ...
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The above articles are from WSJ .............PUBLISHED ON 9TH JAN
0 s. _* c* N9 L) W2009 ... FYI-Only |
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